20 Airport Zurich Noise Fund

The Airport Zurich Noise Fund (AZNF) represents a liquidity-based fund statement. This statement presents the accumulated surplus or shortfall as at the reporting date arising from noise charges, less expenses for formal expropriations, sound insulation and resident protection measures, and noise-related operating costs. Since 1 January 2021, revenue from aircraft noise charges has no longer been allocated to the Fund as, according to current knowledge, the Airport Zurich Noise Fund has sufficient resources to cover the known costs for sound insulation, resident protection and formal expropriations.

If the fund statement shows an accumulated income surplus, this surplus is moved to a special investment account and invested by professional financial institutions on the basis of a conservative, money market-oriented investment strategy. The income from these investments is credited to the fund statement.

The detailed fund statement is disclosed to a committee comprising representatives of Zurich Airport customers and the relevant authorities. The regulations of the Airport Zurich Noise Fund and other information (including an overview of its financial performance) can be downloaded from the website www.flughafen-zuerich.ch/newsroom/en/airport-zurich-noise-fund-e/.

The balance on the Airport Zurich Noise Fund changed as follows in the reporting period:

 

 

 

 

 

(CHF million)

 

2023

 

2022

Airport Zurich Noise Fund as at 1 January

 

363.8

 

394.1

Revenue from noise charges

 

0.0

 

0.0

Costs for sound insulation and resident protection

 

–12.0

 

–11.1

Costs for formal expropriations 1)

 

–1.3

 

–1.0

Balance before operating costs and finance result

 

350.5

 

382.0

Operating costs 2)

 

–3.4

 

–6.0

Interest income from and adjustments to fair value on financial assets of Airport Zurich Noise Fund

 

1.4

 

–12.2

Airport Zurich Noise Fund as at 31 December

 

348.5

 

363.8

1) In addition to compensation payments for formal expropriations, this amount includes other associated external costs (in accordance with regulations of the Airport Zurich Noise Fund; see note 19, “Provision for formal expropriations plus sound insulation and resident protection”).

2) In the previous year, operating costs included the repair work on the noise protection hangar.

Summary of assets invested for the Airport Zurich Noise Fund:

 

 

 

 

 

(CHF million)

 

31.12.2023

 

31.12.2022

Cash equivalents (see note 16, "Cash and cash equivalents")

 

60.5

 

17.3

Current financial assets of Airport Zurich Noise Fund

 

62.5

 

60.1

Non-current financial assets of Airport Zurich Noise Fund

 

234.0

 

301.0

Accrual/deferral towards Zurich Airport Ltd. 1)

 

–8.5

 

–14.6

Total assets invested for Airport Zurich Noise Fund

 

348.5

 

363.8

1) For accounting reasons, an asset or liability towards Zurich Airport Ltd. arises as at the reporting date. This is compensated for in the following month, so the balance of liquid funds is restored.

The following table presents an overview of the maturities and credit ratings of the assets invested for the Airport Zurich Noise Fund:

 

 

 

 

 

 

 

 

 

 

 

 

 

(CHF million)

 

2024

 

2025

 

2026

 

2027

 

2028ff.

 

Total

Cash and cash equivalents

 

60.5

 

0.0

 

0.0

 

0.0

 

0.0

 

60.5

AAA

 

8.1

 

21.5

 

22.0

 

29.6

 

72.3

 

153.5

AA+/AA/AA–

 

21.1

 

17.7

 

0.0

 

9.6

 

26.8

 

75.2

A+/A/A–

 

33.3

 

4.0

 

20.5

 

6.0

 

4.0

 

67.8

Other 1)

 

–8.5

 

0.0

 

0.0

 

0.0

 

0.0

 

–8.5

Total assets invested for Airport Zurich Noise Fund

 

114.5

 

43.2

 

42.5

 

45.2

 

103.1

 

348.5

in %

 

32.8

 

12.4

 

12.2

 

13.0

 

29.6

 

100.0

1) For accounting reasons, an accrual (deferral) towards Zurich Airport Ltd. arises as of the balance sheet date. This is compensated in the subsequent month, so the balance of liquid funds is restored.